Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Financial Instruments, Owned, at Fair Value [Abstract]

Estimated Fair Values Of Debt Instruments

The carrying amounts and estimated fair values of our investments in marketable securities, derivative instruments and senior notes at March 31, 2015 and December 31, 2014 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
March 31, 2015
Assets:
Marketable securities	$	414,507	$	414,507	$	—	$	414,507	$	—
NYMEX futures contracts	6,465		6,465		6,465		—		—
Commodity price swaps	192,628		192,628		—		192,628		—
Forward contracts	2,167		2,167		—		1,566		601
HEP interest rate swaps	147		147		—		147		—
Total assets	$	615,914	$	615,914	$	6,465	$	608,848	$	601
Liabilities:
Commodity price swaps	$	192,555	$	192,555	$	—	$	192,555	$	—
Forward contracts	3,352		3,352		—		199		3,153
HollyFrontier senior notes	153,908		154,500		—		154,500		—
HEP senior notes	296,742		295,500		—		295,500		—
HEP interest rate swaps	942		942		—		942		—
Total liabilities	$	647,499	$	646,849	$	—	$	643,696	$	3,153

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
December 31, 2014
Assets:
Marketable securities	$	474,110	$	474,110	$	—	$	474,110	$	—
NYMEX futures contracts	17,619		17,619		17,619		—		—
Commodity price swaps	208,296		208,296		—		208,296		—
HEP interest rate swaps	1,019		1,019		—		1,019		—
Total assets	$	701,044	$	701,044	$	17,619	$	683,425	$	—
Liabilities:
Commodity price swaps	$	196,897	$	196,897	$	—	$	196,897	$	—
HollyFrontier senior notes	154,144		155,250		—		155,250		—
HEP senior notes	296,579		291,000		—		291,000		—
HEP interest rate swaps	1,065		1,065		—		1,065		—
Total liabilities	$	648,685	$	644,212	$	—	$	644,212	$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the changes in fair value of our Level 3 assets and liabilities (all related to derivative instruments) for the three months ended March 31, 2015 and 2014:

	Three Months Ended March 31,
Level 3 Financial Instruments	2015			2014
	(In thousands)
Liability balance at beginning of period	$	—		$	(35,318	)
Change in fair value:
Recognized in other comprehensive income	(2,552		)	(22,137		)
Recognized in cost of products sold	—			8,970
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	—			25,331
Recognized in cost of products sold	—			681
Liability balance at end of period	$	(2,552	)	$	(22,473	)